A new €60-€70m office scheme in Ballsbridge is a sign that the Dublin office market has bottomed out. Jack Fagan, Property Editor, reports
With signs that the Dublin city office market has bottomed out, a group of developers is to start construction later this year of a major speculative office development at Shelbourne Road in Ballsbridge, Dublin 4.
The high quality €60-€70 million scheme will be located on a superb site once occupied by the Spring Grove Laundry next to Ballsbridge Motors and backing on to the river Dodder. It is rated one of the best development sites in the city.
Although office letting in the suburbs has slowed down considerably over the past two years, there has been a steady steam of deals in the city centre including McCann FitzGerald, Mason Hayes Curran, Google and Independent Newspapers. Solicitors Matheson Ormsby Prentice is also looking for around 9,290 sq m (100,000 sq ft) of new space.
The Oval development will have 15,800 sq m (170,070 sq ft) of offices ranging in height from four to six storeys over two levels of basement car-parking with 76 spaces. There will also be 830 sq m (8,934 sq ft) of retail and showroom space at ground floor level together with a large gymnasium and fitness centre including a swimming pool at basement level.
The complex, designed by Ashlin Coleman architects, will be arranged around a listed brick chimney stack which is to be retained on site. A large circular court at the heart of the scheme will be accessed by a new walkway linking Shelbourne Road with a proposed liner park along the Dodder to be developed by Dublin City Council.
James Meagher of agents HT Meagher O'Reilly says the scheme will be "quite spectacular" and will incorporate three landmark headquarter office buildings which will have balconies on a number of floors with views over the river. The buildings will have extensive glazed facades with an outer layer of terracotta, baquettes acting as a brise soleil and adding some modelling, colour and depth to the facade.
The terracotta and glass will be balanced against more solid elements of limestone and granite to create a development with a strong and confident celebrity, according to the architects.
HT Meagher O'Reilly along with Jones Lang LaSalle is currently quoting a rent of €485 per sq m for the space which is due to be completed in August, 2006.
The close proximity of the site to Lansdowne Road DART station and the numerous hotels, shops and restaurants in Ballsbridge will be a strong marketing advantage.
The developers, Markethaven Properties, paid around €12 million for the 2.5-acre Spring Grove laundry site. The principals in the company, Dave Colgan, Pat Ryan, Phil Monaghan and Finian McDonnell, previously developed Leopardstown Retail Parkwhere the tenants include Woodies, and Sandyford Office Park.
